**Grover Corlew Completes $61M Refinancing of Two Boca Raton Office Properties**
Grover Corlew has secured a $61 million refinancing for two of its office properties located in downtown Boca Raton—Palmetto Park City Center and the Bank of America Tower, situated at 120 and 150 East Palmetto Park Road, respectively. Both buildings currently report a strong occupancy rate of 90%.
The refinancing originated with Wells Fargo and was later transitioned to the bank’s commercial mortgage-backed securities (CMBS) platform.
Grover Corlew originally acquired Palmetto Park City Center in 2016 for $25.2 million. The five-story, 66,606-square-foot property, built in 1996, has since undergone over $9 million in renovations.
In 2021, the company purchased the neighboring Bank of America Tower—an eight-story, 109,497-square-foot building—for $44.6 million. Since the acquisition, Grover Corlew has invested more than $7 million in upgrades, leading to enhanced rental values.
Grover Corlew’s presence in Boca Raton dates back nearly a decade, beginning with its acquisition of properties at 1489 and 1499 West Palmetto Park Road (Palmetto Central) in 2016. These assets have since been redeveloped and refinanced, reinforcing Grover Corlew’s role in driving economic growth and revitalization in the region.
With ongoing investments and property enhancements, Grover Corlew continues to play a pivotal role in the long-term development of Boca Raton’s commercial real estate landscape.
